Business adoption of artificial intelligence has surged globally in the past year, according to a study released last month by McKinsey & Company titled “The state of AI in early 2024.”
In February and March, McKinsey surveyed 1,363 executives from various global regions, industries, company sizes, functional specialties, and tenures. Roughly 72% of respondents reported using at least one AI application.
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Per the survey, respondents report adopting generative AI mainly in marketing and sales, product and service development, and information technology departments.
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Most respondents reported spending less than 6% of the total digital budget on generative AI despite its widespread adoption.
Moreover, the survey also examined the cost savings from generative AI across different business functions.
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